The stocks that are the best candidates due to their buyback potential include the ones that have a huge cash pile. The Fed restricted the use of cash for buybacks so that companies have a buffer to weather the downturn. However, since the restrictions eased in December 2020, many companies have become potential candidates primed for buying their stocks back. The companies with huge cash piles include banks like JPMorgan Chase, Goldman Sachs, and Bank of America.
The companies that have a history of buying back stocks are more likely to do future buybacks. Buybacks are usually a stated strategy of a company to reward shareholders and support the share price. Apple, Alphabet, T-Mobile, Berkshire Hathaway, Microsoft, and Oracle are a few companies that have a history of buybacks.
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